With the launch of our new digital banking platform we introduced biometric authentication to our Apple users. With biometric authentication, you only need your fingerprint or face scan to unlock your account and access our online banking services. Your body is essentially your password! That means no more remembering complex passwords or carrying around extra security devices. Plus, our biometric authentication is highly secure, so you can rest assured that your account information is safe.
We are now thrilled to announce that biometric authentication is also available for Android users!
It’s a safer way to bank digitally.
It’s happened to all of us. We have so many usernames and passwords to remember, we end up forgetting what they are! Or worse, we write them down and they fall into the wrong hands. Many of our members are looking for more secure and convenient ways to bank while protecting their information. There's a desire to move away from the username/password mechanism.
A Brief History of the Biometric Evolution
With the rapid proliferation of the internet and growth of smartphone usage, it has become very convenient to access everything on your mobile phone. Touch screens replaced keyboards on smartphones, significantly enhancing how we interact and use the internet. Following this trend, biometric technology has seen an upswing in the market as more transactions moved online. Our unique physical traits and behaviours authenticate our identities, making transactions on our smartphones more seamless and safe.
Biometrics, which includes fingerprint, retina, and vein scanners, as well as facial recognition and voice verification, is steadily gaining popularity as a way to unlock smartphones or access sensitive apps. Fingerprint identification is by far the most common biometrics authentication method used today. It’s also becoming popular as a way to verify payments because it secures data without inconveniencing you.
Say Goodbye to Passwords
According to a survey by VISA, consumers are ready to leave their passwords behind. 70% of consumers believe biometrics are always more comfortable as they do not involve memorizing passwords. More than 65% of consumers are already familiar with biometrics, while 86% are interested in using biometrics to verify their identity or to make payments.
Most of today’s mobile devices have high-quality cameras, microphones and fingerprint readers, which means that biometrics will continue to become a more common method for authenticating users. By 2024, Mercator forecasts that 66% of smartphone owners will use biometrics for authentication. People will no longer read screens, but the screens will read them - not just their interactions and behaviours, but also their bodies as well as physical and emotional responses, both conscious and even subconscious.
Our Biometric Statistics So Far
It’s encouraging to see that around 40% of our members logging in with Apple phones are already using biometrics login, whereas, since our digital banking launch, more than 19% of members logging in with Android phones have started using biometric authentication. Biometric authentication is more secure and convenient, and we believe it will become the new norm for people accessing their accounts.
At Innovation Federal Credit Union, we are committed to offering our members the latest and most innovative technology and features. We are always looking for ways to improve user experience. Biometric authentication is just one way we’re making it more straightforward for our members to do their everyday banking. This feature provides an extra layer of security for you, making it even easier and more convenient to do online banking with us securely from your mobile phone.
If you're an Android user, try out this new feature the next time you log into your account. You'll be happily surprised at how convenient and secure it is.
How to Enable Biometric Login on Your Innovation App
To login to the Innovation mobile app with a fingerprint, you must have a smartphone with a fingerprint scanner and camera.
- Enable biometrics in the settings of your device
- Select 'Remember Me' when you login
- Select your Profile in the top right corner of the screen
- Tap Security Settings > Manage Biometrics
- Move the Toggle to On
If you have any further questions about how to use biometric authentication, please contact us. We’re happy to help!
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